RBC drops sustainable finance targets, blaming anti-greenwash law

Weakening corporate climate pledges is a symptom of waning momentum

Recent high-profile corporate backtracking from climate commitments shows the fragility of pledges when attention and accountability drift

RBC Drops Climate Finance Goals, Citing Changes to Competition Law

Just months after pulling out of the world’s biggest climate alliance for banks, Royal Bank of Canada is abandoning its sustainable finance commitments.

RBC ditches sustainable finance commitment, holds back on disclosures

Canada's largest bank said Tuesday that it has scrapped one of its flagship climate commitments and is holding back on publicizing other climate progress in part because of new rules around greenwashing.

RBC drops sustainable finance targets, blaming anti-greenwash law

Bank says it runs risk of being penalized because its measurement practices may fall foul of climate-reporting legislation

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RBC Drops $500 Billion Sustainable Finance Target

Royal Bank of Canada (RBC) announced that it has decided to drop its target to mobilize $500 billion in sustainable finance, and has held off on providing some climate finance-related disclosures, following changes to greenwashing regulations in Canada. The announcement, revealed in RBC’s 2024 Sustainability Report, follows the passage of amendments last year to Canada’s Competition Act, aimed at tackling greenwashing, or unsupported claims by c…